The global composites market is projected to reach $72.0 billion by 2028, at a CAGR of 5.1% during 2022-2028. The growth of composites market is driven by increasing demand for lightweight materials in the aerospace & defense, and automotive industries; corrosion- and- chemical-resistant materials’ demand in the construction, and pipe & tank industries; electrical resistivity and high flame retardant materials’ demand in the electrical and electronics industry.
Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the most promising, high-growth opportunities for the composites market by end use (transportation, marine, wind energy, aerospace, pipe & tank, construction, electrical & electronics, consumer goods, and others), manufacturing process (hand lay-up, spray up, resin infusion, filament winding, pultrusion, injection molding, compression molding, prepreg lay up, and others), molding compound (SMC, BMC, and thermoplastic compounds), resin type (polyester, epoxy, vinyl ester, phenolic, and thermoplastic), fiber type (glass fiber composites, carbon fiber composites, and aramid fiber composites), fiberglass type (single end roving, multi end roving, chopped strand, woven roving, fabrics, chopped strand mat, continuous filament mat, and others), carbon fiber type (PAN based carbon fiber and pitched based carbon fiber), and region (North America, Europe, APAC, and ROW)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 What are the business risks and threats to the composites market?
Q.4 What are some changing demands of customers in the composites market?
Q.5 What are the new developments in the composites market? Which companies are leading these developments?
Q.6 What strategic initiatives are being implemented by key players for business growth?
Q.7 What are some of the competitive products and processes in this composites area and how big of a threat do they pose for loss of market share via product substitution?
Q.8 What M&A activity has occurred in the last 5 years in this composites market?
Emerging trends, which have a direct impact on the dynamics of the industry, include the development of low-cost carbon fibers, high performance glass fiber, and rapid cure resin system.
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Market Segmentation:
Based on manufacturing process, the composites market is segmented into hand lay-up, spray up, resin infusion, filament winding, pultrusion, injection molding, compression molding, prepreg lay up, and others. The injection molding segment accounted for the largest share of the market in 2022 and is expected to register the highest CAGR during the forecast period, due to composite manufacturing because of high-output production rate, low labor cost, and design flexibility.
Asia Pacific is expected to remain the largest region by value and volume, and it is also expected to experience the highest growth over the forecast period because of growth in construction, transportation, and the electrical and electronics segments. The major drivers for growth are increasing automotive production, high growth in construction, and infrastructure development.
Key Players in the composites market are Owens Corning, Jushi Group, Nippon Electric Glass Co Ltd., CPIC, Toray Industries, Hexcel Composites, Mitsubishi Rayon, Gurit, Polynt Reichhold.
The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.
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